Change - Announcement Of Retirement Of Non-Executive And Lead Independent Director
BackJul 15, 2024
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Jul 15, 2024 23:23 |
| Status | New |
| Announcement Sub Title | Retirement of Non-Executive and Lead Independent Director |
| Announcement Reference | SG240715OTHRSOM7 |
| Submitted By (Co./ Ind. Name) | Goh Kim San |
| Designation | Executive Chairman and Chief Executive Officer |
| Description (Please provide a detailed description of the event in the box below) | Retirement of Mr Tan Siok Sing as Non-Executive and Lead Independent Director. This announcement has been reviewed by the Company's sponsor, RHT Capital Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document. The contact person for the sponsor is Mr. Mah How Soon at 36 Robinson Road, #10-06 City House, Singapore 068877, Email: sponsor@rhtgoc.com. |
| Additional Details | |
| Name Of Person | Tan Siok Sing |
| Age | 69 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 30/07/2024 |
| Detailed Reason (s) for cessation | To comply with Rule 406(3)(d)(iv) of the SGX-ST Listing Manual Section B: Rules of Catalist ("Catalist Rules") and to facilitate the renewal of Independent Directors on the Board, Mr Tan Siok Sing ("Mr Tan") will be stepping down as a Non-Executive and Lead Independent Director of the Company at the conclusion of the upcoming Annual General Meeting ("AGM") of the Company to be held on 30 July 2024 as his tenure as Independent Director has exceeded the 9 years limit. Concurrently, Mr Tan will relinquish his position as the Lead Independent Director, Chairman of the Nominating Committee and members of the Audit and Remuneration Committees. The Company's Sponsor, RHT Capital Pte Ltd, after having interviewed Mr Tan, is satisfied that, other than as disclosed in the announcement, there are no other material reasons for the retirement of Mr Tan as Non-Executive and Lead Independent Director. The Board would like to take this opportunity to record their gratitude and appreciation towards Mr Tan's valuable contributions to the Board during his term of appointment with the Company. The Board wishes him well in his future endeavours. The Company is in the midst of sourcing for a candidate to replace Mr Tan as Non-Executive and Independent Director to fill the vacancy of the Board and Board Committees in compliance with the Catalist Rules and Code of Corporate Governance. The Company will endeavour to fill the vacancy within two months, but in any case, not later than three months. The Company will release the announcement on the appointment of the new Non-Executive and Independent Director in due course. |
| Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting? | No |
| Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer? | No |
| Any other relevant information to be provided to shareholders of the listed issuer? | No |
| Date of Appointment to current position | 01/11/2022 |
| Does the AC have a minimum of 3 members (taking into account this cessation)? | No |
| Number of Independent Directors currently resident in Singapore (taking into account this cessation) | 2 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 1 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Non-Executive and Lead Independent Director, Chairman of Nominating Committee and members of Audit and Remuneration Committees. |
| Role and responsibilities | Non-Executive and Lead Independent Director, Chairman of Nominating Committee and members of Audit and Remuneration Committees. |
| Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries | Nil |
| Shareholding interest in the listed issuer and its subsidiaries? | Yes |
| Shareholding Details | Mr Tan has deemed interest in 217,700 shares of the Company held by his spouse. |
| Past (for the last 5 years) | 1. QingMei Group Holdings Limited 2. China Shenshan Orchard Holdings Co. Ltd 3. Libra Group Limited 4. PT Pacific Metalurgi Indo Smelter |
| Present | 1. Shong Sing Pte. Ltd. 2. Ironman Minerals & Ores Pte. Ltd. 3. Ironman International Inc. 4. Goh Loo Club Limited 5. Sunny Max Investment Ltd. |
